Monday Nov 04, 2024
Episode 24 - Buying and Selling Short Lease Properties
In this episode, Ruban Selvanayagam dives deep into the world of short lease properties with Jason Patterson, the Short Lease Flat Mentor. Jason has been operating in the property investing world for over 20 years, starting with flats in North London when houses were financially out of reach. Through his journey, he discovered the critical steps top follow when extending leases, particularly the "marriage value" that impacts properties with leases below 80 years.
Jason shares his firsthand experience of extending leases and the strategies he’s developed, including voluntary and Section 42 notices to maximise property value. He highlights the complexities involved, from liaising with freeholders to ensuring optimum due diligence when buying short lease properties alongside tips on how to sell properties . We’ll also touch on his adaptive methods during market shifts and how he navigated through challenges like the 2008 credit crunch.
Additionally, we discuss the 2024 Leasehold and Freehold Reform, its potential impact on the property market and why implementation may take up to five years due to legal challenges. Jason offers advice for sellers on extending leases to optimise property prices and shares how he scales his business through networking, direct vendor approaches, and strong partnerships with industry contacts.
Jason shares his firsthand experience of extending leases and the strategies he’s developed, including voluntary and Section 42 notices to maximise property value. He highlights the complexities involved, from liaising with freeholders to ensuring optimum due diligence when buying short lease properties alongside tips on how to sell properties . We’ll also touch on his adaptive methods during market shifts and how he navigated through challenges like the 2008 credit crunch.
Additionally, we discuss the 2024 Leasehold and Freehold Reform, its potential impact on the property market and why implementation may take up to five years due to legal challenges. Jason offers advice for sellers on extending leases to optimise property prices and shares how he scales his business through networking, direct vendor approaches, and strong partnerships with industry contacts.
#ShortLeaseFlats #ShortLeaseProperties #BuyingShortLeaseFlats #SellingShortLeaseFlats #LeaseholdandFreeholdReformAct
LINKS (RESOURCES) REFERRED TO IN THE PODCAST
Leasehold and Freehold Reform Act 2024
Selling a Flat with a Short Lease
Follow Jason Patterson on LinkedIn
RELEVANT LINKS
Property Solvers Investor Profiling
Property Solvers (Sell House Fast)
Property Solvers (We Buy Any House)
TIMESTAMPS
00:10 - Introduction of Jason Patterson and his expertise00:22 - Jason’s greeting and start of conversation
00:56 - Jason shares his property journey background
02:25 - Challenges and strategies during the credit crunch
04:09 - Buying and extending leases experience explained
05:04 - Solicitors' role in flagging short leases
06:27 - Evaluating properties with short leases strategy
07:39 - Approach to determining lease extension costs
08:23 - Contacting freeholders and surveyors for costs
09:42 - Freeholder cooperation in providing information
10:35 - Vendor cooperation in obtaining lease details
11:13 - Steps to minimise risk when buying short leases
11:46 - Explanation of section 42 lease notice
12:34 - Process of using section 42 in transactions
13:45 - Example of simultaneous purchase and lease extension
14:42 - Importance of checking legal pack validity
15:48 - Variability in freeholder response times
16:40 - Using surveyors for lease extension negotiations
17:13 - Tips for sellers to optimise short lease sales
18:31 - Short lease property considerations for buyers
19:30 - Navigating lending challenges for short leases
20:36 - Mortgage and bridging finance for short leases
21:31 - Assessing risk and timing for lease extensions
22:37 - Overview of the Leasehold Reform Act 2024
23:57 - Main benefits of new lease extension rules
24:30 - Removal of the two-year ownership rule
25:52 - Abolishment of marriage value and its impact
26:42 - Legal challenges slowing down the reform
28:02 - Potential delays and political impacts discussed
29:12 - Jason’s approach to sourcing short lease properties
30:35 - Direct connections with councils and housing associations
30:50 - Using property tools and platforms for sourcing
31:18 - Best resources for leasehold sector updates
32:22 - Jason’s social media presence and speaking events
33:23 - Conclusion and final insights
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